Silver Mines (ASX:SVL) has started drilling at its Webbs Silver project in New South Wales, with the aim of expanding the high grade silver resource.
The drilling will be extensional drilling in areas where the deposit remains open at depth and along strike.
These targets are considered high priority as some of the widest and highest grade intercepts are still open at relatively shallow depths of about 80-140 metres below surface.
The drilling program envisages about 6,000 metres of reverse circulation drilling and up to 1,000 metres of diamond drilling by end of May, the results of which could potentially lead to a resource upgrade.
The latest drilling follows the approval last year of the company's Review of Environmental Factors (REF) for drilling activities at Webbs by the NSW Department of Trade and Investment.
The drilling is also enabled by a successful capital raising of about $1.2 million via the placement of 27,332,848 fully paid ordinary shares and over 13.66 million options to sophisticated and institutional investors at 4.7 cents per share.
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